Biglari Holdings Q1 Loss Narrows to $14.5M, Book Value Hits $2,006.69
BH•Biglari Holdings reported a first-quarter pre-tax operating loss of $4.141 million compared with a $9.994 million profit a year earlier and a net loss of $14.531 million versus $33.275 million. Investment losses narrowed to $14.741 million from $51.177 million, and book value per Class A equivalent share stands at $2,006.69.
1. First Quarter Financial Results
Biglari Holdings’ first quarter 2026 pre-tax operating earnings declined to a $4.141 million loss from a $9.994 million profit in Q1 2025, and net loss improved to $14.531 million from $33.275 million. Investment losses amounted to $14.741 million versus $51.177 million a year ago.
2. Book Value and Non-GAAP Measures
As of March 31, 2026, book value per Class A equivalent share reached $2,006.69. Management separates operating earnings from investment gains to highlight core business performance excluding volatility in investment carrying values.
